Morgan Creek Digital’s Pompliano: Bitcoin could plunge 50% and still outperform S&P 500 in 2019
|- Bitcoin fall by 50% would be devastating for investors.
- Bitcoin is exchanging hands at $10,417 after the support at $10,500 failed to hold.
The co-founder and partner at Morgan Creek Digital Anthony Pompliano has been a crypto supporter and a Bitcoin bull the longest time. In his latest tweet, Pompliano believes that even a 50% fall in Bitcoin price from the current market value is unlikely to stop the asset from outperforming the S&P 500 in 2019.
“Bitcoin's price could fall 50% from today's price of $10,600 and the digital currency would still be outperforming the S&P 500 in 2019.”
Bitcoin fall by 50% would be devastating for investors. However, Bitcoin has shown resilience and the ability to reverse the downtrend in the past. The recovery starting in April saw Bitcoin trade highs around $13,800. Bitcoin also refreshed the lows close to $9,000 before making a comeback touching levels above $12,000.
At press time, Bitcoin is exchanging hands at $10,417 after the support at $10,500 failed to hold. Technicals signal continued bearish force on the support areas. The Moving Average Convergence Divergence (MACD) divergence shows sellers gaining traction.
BTC/USD 4-hour chart
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